L'ÎLE-DES-SŒURS, QC, Dec. 6, 2016 /CNW Telbec/ - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers' Centris® provincial database. In total, 3,008 residential sales were concluded in November 2016, a 9 per cent increase compared to November of last year. This was the 20th increase in sales in the past 21 months and the best sales result for a month of November since 2011. Click here to see the November 2016 statistics video.

Four out of five main areas of the Montréal CMA registered strong sales increases in November: Laval (+19 per cent), the Island of Montréal (+14 per cent), Vaudreuil-Soulanges (+14 per cent) and the South Shore (+11 per cent).

In contrast, the North Shore posted a 6 per cent decrease in sales compared to November of 2015.

Sales by property category

Sales of condominiums and plexes rose by 13 per cent and 15 per cent, respectively, in November.

Sales of single-family homes also stood their ground, increasing by 6 per cent.

Prices

The median price of single-family homes across the Montréal CMA rose by 6 per cent in November 2016 compared to November of last year, to reach $308,250. This increase can be primarily attributed to the Island of Montréal, where the median price of single-family homes jumped by 15 per cent.

Half of all condominiums sold for more than $248,000, which represents a 4 per cent increase in median price.

Finally, the median price of plexes (2 to 5 dwelling) grew by 1 per cent to reach $460,000.

"The solid results in November, in terms of both sales increases and price increases, can be explained by a strong presence of experienced buyers on the real estate market. These buyers, who are generally more active in the market during the fall, are well-positioned to conclude transactions despite the mortgage tightening measures announced in October," said Daniel Dagenais, President of the GMREB Board of Directors. "More specifically, there was a 35% increase in sales of single-family homes at $500,000 or more in November throughout the Montréal area. We will be closely monitoring the impact of the new mortgage measures on the market in the coming months," added Mr. Dagenais.

Number of properties for sale

For a fourteenth consecutive month, the supply of properties for sale shrank in the Montréal CMA, with 28,720 residential listings on the real estate brokers' Centris® system.

About the Greater Montréal Real Estate Board

The Greater Montréal Real Estate Board is a non-profit organization with more than 9,000 members: real estate brokers. Its mission is to actively promote and protect its members' professional and business interests in order for them to successfully meet their business objectives.